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Cravath’s London Office Moves to 100 Cheapside

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Andrew J. Pitts

Partner, Corporate

apitts@cravath.com
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Andrew J. Pitts is Co-Head of the Capital Markets Practice for North America. He has a significant corporate finance practice and advises clients on a broad range of corporate issues. Mr. Pitts is widely regarded in the legal community as exceptionally responsive and pragmatic with a wide range of experience addressing clients’ most complex legal issues.

Mr. Pitts’s finance practice focuses on public and private securities offerings for investment banking clients and issuers. Principal areas of concentration include the financial institutions, insurance, industrials, natural resources, technology and transportation industries. In addition to traditional capital‑raising transactions, Mr. Pitts regularly advises on transactions involving convertible securities, equity‑linked securities and equity derivatives, including public and private hedging transactions using collars and forward contracts. Mr. Pitts also regularly represents investment banking clients and issuers in connection with liability management transactions, including debt tender and exchange offers and consent solicitations.

Mr. Pitts’s advisory work principally involves corporate governance, public company disclosure obligations and director and officer liability issues (including D&O insurance). He frequently teams with other Cravath partners in complex merger and acquisition transactions.

Mr. Pitts is the Contributing Editor to “Getting the Deal Through: Securities Finance,” an annual survey of the securities laws in 15 jurisdictions, and regularly participates in other industry activities, including SIFMA. Mr. Pitts is also actively involved in legal opinion matters. He is the Chair of Cravath’s opinion committee, a member of the TriBar Opinion Committee and is the former Chair of the ABA Subcommittee on Securities Law Opinions. Mr. Pitts is a member of the New York City Bar Association and the International Bar Association.

Mr. Pitts has been repeatedly cited as one of the leading practitioners in capital markets by, among others, Chambers USA, Chambers Global, The Legal 500 US, IFLR1000, Lawdragon, The Best Lawyers in America and Who’s Who Legal: Capital Markets.

Mr. Pitts was born in Rochester, New York. He received a B.A. from Trinity College in 1988, a J.D. summa cum laude in 1994 from Boston University, where he was Notes Editor of the Law Review and received the Alumni Achievement Award, and an M.B.A. with high honors from Boston University in 1995.

Mr. Pitts joined Cravath in 1995 and was elected a partner in 2002. He served as Corporate Managing Partner from August 2014 to September 2016.

Mr. Pitts’s finance practice focuses on public and private securities offerings for investment banking clients and issuers. Principal areas of concentration include the financial institutions, insurance, industrials, natural resources, technology and transportation industries. In addition to traditional capital‑raising transactions, Mr. Pitts regularly advises on transactions involving convertible securities, equity‑linked securities and equity derivatives, including public and private hedging transactions using collars and forward contracts. Mr. Pitts also regularly represents investment banking clients and issuers in connection with liability management transactions, including debt tender and exchange offers and consent solicitations.

Mr. Pitts’s advisory work principally involves corporate governance, public company disclosure obligations and director and officer liability issues (including D&O insurance). He frequently teams with other Cravath partners in complex merger and acquisition transactions.

Mr. Pitts is the Contributing Editor to “Getting the Deal Through: Securities Finance,” an annual survey of the securities laws in 15 jurisdictions, and regularly participates in other industry activities, including SIFMA. Mr. Pitts is also actively involved in legal opinion matters. He is the Chair of Cravath’s opinion committee, a member of the TriBar Opinion Committee and is the former Chair of the ABA Subcommittee on Securities Law Opinions. Mr. Pitts is a member of the New York City Bar Association and the International Bar Association.

Mr. Pitts has been repeatedly cited as one of the leading practitioners in capital markets by, among others, Chambers USA, Chambers Global, The Legal 500 US, IFLR1000, Lawdragon, The Best Lawyers in America and Who’s Who Legal: Capital Markets.

Mr. Pitts was born in Rochester, New York. He received a B.A. from Trinity College in 1988, a J.D. summa cum laude in 1994 from Boston University, where he was Notes Editor of the Law Review and received the Alumni Achievement Award, and an M.B.A. with high honors from Boston University in 1995.

Mr. Pitts joined Cravath in 1995 and was elected a partner in 2002. He served as Corporate Managing Partner from August 2014 to September 2016.

Education

  • M.B.A., 1995, Boston University
    with High Honors
  • J.D., 1994, Boston University School of Law
    summa cum laude
  • B.A., 1988, Trinity College

Admitted In

  • New York

Professional Affiliations

International Bar Association

New York City Bar Association

TriBar Opinion Committee

Organizations

The Aldrich Museum

The Greenwich Land Trust

Middlesex School

Rankings

Best Lawyers in America

  • Corporate Law (2025, 2024, 2023)
  • Securities/Capital Markets Law (2025‑2011)

Chambers Global

  • Capital Markets: Convertible Debt - USA (2025, 2024, 2023)
  • Capital Markets: Debt & Equity - USA (2025‑2008)

Chambers USA

  • Capital Markets: Convertible Debt - Nationwide (2025-2022)
  • Capital Markets: Debt & Equity - Nationwide (2025-2007)

IFLR1000

  • Capital Markets - US (2024‑2007)

Lawdragon

  • 500 Leading Lawyers in American (2025, 2024)
  • 500 Leading Dealmakers in America (2024-2021)

The Legal 500 US

  • Capital Markets: Debt Offerings (2025‑2010, 2008, 2007)
  • Capital Markets: Equity Offerings (2025-2015, 2013, 2012, 2011, 2008)
  • Capital Markets: Global Offerings (2025-2015, 2013)
  • Capital Markets: High‑Yield Debt Offerings (2025-2018, 2016, 2014‑2011, 2008)

Super Lawyers

  • New York (2024, 2020-2013)

Boston University Alumni Achievement Award, 1994

Deals & Cases

June 27, 2025

Fidelis Insurance Holdings Limited’s Fixed‑Rate Reset Subordinated Notes Offering

Cravath represented the underwriters in connection with the $400 million fixed‑rate reset subordinated notes offering of Fidelis Insurance Holdings Limited, a global specialty insurer that leverages strategic partnerships to offer innovative and tailored insurance solutions. The transaction closed on June 13, 2025.

Deals & Cases

June 20, 2025

Burlington Northern Santa Fe, LLC’s Registered Notes Offering

Cravath represented Burlington Northern Santa Fe, LLC in connection with its $900 million registered notes offering. Burlington Northern Santa Fe, LLC is a holding company engaged primarily in railroad transportation through its ownership of its principal operating subsidiary, BNSF Railway Company. Burlington Northern Santa Fe, LLC is owned by Berkshire Hathaway. The transaction closed on June 6, 2025.

Deals & Cases

June 12, 2025

Westinghouse Air Brake Technologies Corporation’s $1.25 Billion Registered Senior Notes Offering

Cravath represented the underwriters in connection with the $1.25 billion registered senior notes offering of Westinghouse Air Brake Technologies Corporation (“Wabtec”), one of the world’s largest providers of value‑added, technology‑based locomotives, equipment, systems and services for the global freight rail and passenger transit industries, and also serves customers in the mining, marine and industrial markets. Proceeds of the offering will be used to partially finance Wabtec’s acquisition of Evident Corporation’s Inspection Technologies division. The transaction closed on May 29, 2025.

Deals & Cases

June 04, 2025

Flowserve’s $19 Billion Merger of Equals with Chart

On June 4, 2025, Flowserve Corporation (“Flowserve”) and Chart Industries, Inc. (“Chart”) announced that they have entered into a definitive agreement to combine in an all-stock merger of equals, creating a differentiated leader in industrial process technologies. The combined company is expected to have an enterprise value of approximately $19 billion based on the exchange ratio and the closing share prices for Flowserve and Chart as of June 3, 2025. Under the agreement, which has been unanimously approved by the board of directors of each company, at the closing of the transaction Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. Following the close of the transaction, Flowserve shareholders will own approximately 46.5% and Chart shareholders will own approximately 53.5% of the combined company, on a fully diluted basis. Cravath is representing Flowserve in connection with the transaction.

Deals & Cases

June 02, 2025

Ascot Group Limited’s Fixed‑Rate Reset Senior Notes Offering

Cravath represented the initial purchasers in connection with the $350 million 144A/Reg. S fixed‑rate reset senior notes offering of Ascot Group Limited, a global insurance and reinsurance organization offering a broad range of specialty insurance and reinsurance products to customers worldwide through underwriting platforms in the U.K., Bermuda and the U.S. The transaction closed on May 16, 2025.

Publications

June 12, 2025

SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status

On June 11, 2025, Cravath prepared a memo for its clients entitled “SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status.” The memo examines a concept release recently published by the U.S. Securities and Exchange Commission to seek public comment on whether to revise the “foreign private issuer” definition in light of shifting trends in the characteristics of the FPI population.

Activities

February 08, 2024

Law360 Names Cravath a 2023 “Capital Markets Practice Group of the Year”

On January 24, 2024, Cravath was featured by Law360 as a “Capital Markets Practice Group of the Year.” The profile highlighted the Capital Markets Practice’s representation of clients, including AngloGold Ashanti in its corporate restructuring and change to its domicile and primary listing location, the underwriters of L3Harris Technologies, Inc.’s $3.25 billion registered notes offering and the underwriter and the dealers of AmerisourceBergen’s $1.6 billion registered secondary common stock offering.

Publications

May 18, 2023

SEC Amends Rules Requiring Disclosures of Issuer Share Repurchase and Rule 10b5‑1 Plans

On May 18, 2023, Cravath prepared a memo for its clients entitled “SEC Amends Rules Requiring Disclosures of Issuer Share Repurchase and Rule 10b5‑1 Plans.” The memo examines the U.S. Securities and Exchange Commission’s recently adopted final rules on a number of disclosure requirements related to issuer share repurchases. The memo outlines key features of the new rules, the new tabular disclosures, the new narrative disclosures about issuer 10b5‑1 plans and issuer repurchases, and recommendations for companies. Cravath also published a tailored version of the memo for Foreign Private Issuers.

Publications

December 20, 2022

SEC Adopts Amendments to Rule 10b5‑1 and Adds Insider Trading‑Related Disclosures

On December 20, 2022, Cravath distributed a memo for its clients and other stakeholders entitled “SEC Adopts Amendments to Rule 10b5-1 and Adds Insider Trading-Related Disclosures,” examining Final Rules adopted by the SEC on December 14, 2022, which add a number of new requirements to Rule 10b5-1, which was first adopted by the SEC in 2000 to provide an affirmative defense against charges of insider trading when transactions in a company’s stock are executed at times that an insider may be in possession of material non-public information. These new requirements significantly limit the availability of the affirmative defense provided by that rule to violations of Section 10(b) of the Securities Exchange Act of 1934, include new disclosure requirements and add other mandatory requests for information.

Andrew J. Pitts is Co-Head of the Capital Markets Practice for North America. He has a significant corporate finance practice and advises clients on a broad range of corporate issues. Mr. Pitts is widely regarded in the legal community as exceptionally responsive and pragmatic with a wide range of experience addressing clients’ most complex legal issues.

Mr. Pitts’s finance practice focuses on public and private securities offerings for investment banking clients and issuers. Principal areas of concentration include the financial institutions, insurance, industrials, natural resources, technology and transportation industries. In addition to traditional capital‑raising transactions, Mr. Pitts regularly advises on transactions involving convertible securities, equity‑linked securities and equity derivatives, including public and private hedging transactions using collars and forward contracts. Mr. Pitts also regularly represents investment banking clients and issuers in connection with liability management transactions, including debt tender and exchange offers and consent solicitations.

Mr. Pitts’s advisory work principally involves corporate governance, public company disclosure obligations and director and officer liability issues (including D&O insurance). He frequently teams with other Cravath partners in complex merger and acquisition transactions.

Mr. Pitts is the Contributing Editor to “Getting the Deal Through: Securities Finance,” an annual survey of the securities laws in 15 jurisdictions, and regularly participates in other industry activities, including SIFMA. Mr. Pitts is also actively involved in legal opinion matters. He is the Chair of Cravath’s opinion committee, a member of the TriBar Opinion Committee and is the former Chair of the ABA Subcommittee on Securities Law Opinions. Mr. Pitts is a member of the New York City Bar Association and the International Bar Association.

Mr. Pitts has been repeatedly cited as one of the leading practitioners in capital markets by, among others, Chambers USA, Chambers Global, The Legal 500 US, IFLR1000, Lawdragon, The Best Lawyers in America and Who’s Who Legal: Capital Markets.

Mr. Pitts was born in Rochester, New York. He received a B.A. from Trinity College in 1988, a J.D. summa cum laude in 1994 from Boston University, where he was Notes Editor of the Law Review and received the Alumni Achievement Award, and an M.B.A. with high honors from Boston University in 1995.

Mr. Pitts joined Cravath in 1995 and was elected a partner in 2002. He served as Corporate Managing Partner from August 2014 to September 2016.

Mr. Pitts’s finance practice focuses on public and private securities offerings for investment banking clients and issuers. Principal areas of concentration include the financial institutions, insurance, industrials, natural resources, technology and transportation industries. In addition to traditional capital‑raising transactions, Mr. Pitts regularly advises on transactions involving convertible securities, equity‑linked securities and equity derivatives, including public and private hedging transactions using collars and forward contracts. Mr. Pitts also regularly represents investment banking clients and issuers in connection with liability management transactions, including debt tender and exchange offers and consent solicitations.

Mr. Pitts’s advisory work principally involves corporate governance, public company disclosure obligations and director and officer liability issues (including D&O insurance). He frequently teams with other Cravath partners in complex merger and acquisition transactions.

Mr. Pitts is the Contributing Editor to “Getting the Deal Through: Securities Finance,” an annual survey of the securities laws in 15 jurisdictions, and regularly participates in other industry activities, including SIFMA. Mr. Pitts is also actively involved in legal opinion matters. He is the Chair of Cravath’s opinion committee, a member of the TriBar Opinion Committee and is the former Chair of the ABA Subcommittee on Securities Law Opinions. Mr. Pitts is a member of the New York City Bar Association and the International Bar Association.

Mr. Pitts has been repeatedly cited as one of the leading practitioners in capital markets by, among others, Chambers USA, Chambers Global, The Legal 500 US, IFLR1000, Lawdragon, The Best Lawyers in America and Who’s Who Legal: Capital Markets.

Mr. Pitts was born in Rochester, New York. He received a B.A. from Trinity College in 1988, a J.D. summa cum laude in 1994 from Boston University, where he was Notes Editor of the Law Review and received the Alumni Achievement Award, and an M.B.A. with high honors from Boston University in 1995.

Mr. Pitts joined Cravath in 1995 and was elected a partner in 2002. He served as Corporate Managing Partner from August 2014 to September 2016.

Education

  • M.B.A., 1995, Boston University
    with High Honors
  • J.D., 1994, Boston University School of Law
    summa cum laude
  • B.A., 1988, Trinity College

Admitted In

  • New York

Professional Affiliations

International Bar Association

New York City Bar Association

TriBar Opinion Committee

Organizations

The Aldrich Museum

The Greenwich Land Trust

Middlesex School

Rankings

Best Lawyers in America

  • Corporate Law (2025, 2024, 2023)
  • Securities/Capital Markets Law (2025‑2011)

Chambers Global

  • Capital Markets: Convertible Debt - USA (2025, 2024, 2023)
  • Capital Markets: Debt & Equity - USA (2025‑2008)

Chambers USA

  • Capital Markets: Convertible Debt - Nationwide (2025-2022)
  • Capital Markets: Debt & Equity - Nationwide (2025-2007)

IFLR1000

  • Capital Markets - US (2024‑2007)

Lawdragon

  • 500 Leading Lawyers in American (2025, 2024)
  • 500 Leading Dealmakers in America (2024-2021)

The Legal 500 US

  • Capital Markets: Debt Offerings (2025‑2010, 2008, 2007)
  • Capital Markets: Equity Offerings (2025-2015, 2013, 2012, 2011, 2008)
  • Capital Markets: Global Offerings (2025-2015, 2013)
  • Capital Markets: High‑Yield Debt Offerings (2025-2018, 2016, 2014‑2011, 2008)

Super Lawyers

  • New York (2024, 2020-2013)

Boston University Alumni Achievement Award, 1994

Deals & Cases

June 27, 2025

Fidelis Insurance Holdings Limited’s Fixed‑Rate Reset Subordinated Notes Offering

Cravath represented the underwriters in connection with the $400 million fixed‑rate reset subordinated notes offering of Fidelis Insurance Holdings Limited, a global specialty insurer that leverages strategic partnerships to offer innovative and tailored insurance solutions. The transaction closed on June 13, 2025.

Deals & Cases

June 20, 2025

Burlington Northern Santa Fe, LLC’s Registered Notes Offering

Cravath represented Burlington Northern Santa Fe, LLC in connection with its $900 million registered notes offering. Burlington Northern Santa Fe, LLC is a holding company engaged primarily in railroad transportation through its ownership of its principal operating subsidiary, BNSF Railway Company. Burlington Northern Santa Fe, LLC is owned by Berkshire Hathaway. The transaction closed on June 6, 2025.

Deals & Cases

June 12, 2025

Westinghouse Air Brake Technologies Corporation’s $1.25 Billion Registered Senior Notes Offering

Cravath represented the underwriters in connection with the $1.25 billion registered senior notes offering of Westinghouse Air Brake Technologies Corporation (“Wabtec”), one of the world’s largest providers of value‑added, technology‑based locomotives, equipment, systems and services for the global freight rail and passenger transit industries, and also serves customers in the mining, marine and industrial markets. Proceeds of the offering will be used to partially finance Wabtec’s acquisition of Evident Corporation’s Inspection Technologies division. The transaction closed on May 29, 2025.

Deals & Cases

June 04, 2025

Flowserve’s $19 Billion Merger of Equals with Chart

On June 4, 2025, Flowserve Corporation (“Flowserve”) and Chart Industries, Inc. (“Chart”) announced that they have entered into a definitive agreement to combine in an all-stock merger of equals, creating a differentiated leader in industrial process technologies. The combined company is expected to have an enterprise value of approximately $19 billion based on the exchange ratio and the closing share prices for Flowserve and Chart as of June 3, 2025. Under the agreement, which has been unanimously approved by the board of directors of each company, at the closing of the transaction Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. Following the close of the transaction, Flowserve shareholders will own approximately 46.5% and Chart shareholders will own approximately 53.5% of the combined company, on a fully diluted basis. Cravath is representing Flowserve in connection with the transaction.

Deals & Cases

June 02, 2025

Ascot Group Limited’s Fixed‑Rate Reset Senior Notes Offering

Cravath represented the initial purchasers in connection with the $350 million 144A/Reg. S fixed‑rate reset senior notes offering of Ascot Group Limited, a global insurance and reinsurance organization offering a broad range of specialty insurance and reinsurance products to customers worldwide through underwriting platforms in the U.K., Bermuda and the U.S. The transaction closed on May 16, 2025.

Publications

June 12, 2025

SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status

On June 11, 2025, Cravath prepared a memo for its clients entitled “SEC Solicits Public Comment on the Eligibility Criteria for Foreign Private Issuer Status.” The memo examines a concept release recently published by the U.S. Securities and Exchange Commission to seek public comment on whether to revise the “foreign private issuer” definition in light of shifting trends in the characteristics of the FPI population.

Activities

February 08, 2024

Law360 Names Cravath a 2023 “Capital Markets Practice Group of the Year”

On January 24, 2024, Cravath was featured by Law360 as a “Capital Markets Practice Group of the Year.” The profile highlighted the Capital Markets Practice’s representation of clients, including AngloGold Ashanti in its corporate restructuring and change to its domicile and primary listing location, the underwriters of L3Harris Technologies, Inc.’s $3.25 billion registered notes offering and the underwriter and the dealers of AmerisourceBergen’s $1.6 billion registered secondary common stock offering.

Publications

May 18, 2023

SEC Amends Rules Requiring Disclosures of Issuer Share Repurchase and Rule 10b5‑1 Plans

On May 18, 2023, Cravath prepared a memo for its clients entitled “SEC Amends Rules Requiring Disclosures of Issuer Share Repurchase and Rule 10b5‑1 Plans.” The memo examines the U.S. Securities and Exchange Commission’s recently adopted final rules on a number of disclosure requirements related to issuer share repurchases. The memo outlines key features of the new rules, the new tabular disclosures, the new narrative disclosures about issuer 10b5‑1 plans and issuer repurchases, and recommendations for companies. Cravath also published a tailored version of the memo for Foreign Private Issuers.

Publications

December 20, 2022

SEC Adopts Amendments to Rule 10b5‑1 and Adds Insider Trading‑Related Disclosures

On December 20, 2022, Cravath distributed a memo for its clients and other stakeholders entitled “SEC Adopts Amendments to Rule 10b5-1 and Adds Insider Trading-Related Disclosures,” examining Final Rules adopted by the SEC on December 14, 2022, which add a number of new requirements to Rule 10b5-1, which was first adopted by the SEC in 2000 to provide an affirmative defense against charges of insider trading when transactions in a company’s stock are executed at times that an insider may be in possession of material non-public information. These new requirements significantly limit the availability of the affirmative defense provided by that rule to violations of Section 10(b) of the Securities Exchange Act of 1934, include new disclosure requirements and add other mandatory requests for information.

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